New York Rep. Jerry Nadler draws a 26-year-old Democratic primary challenger
Liam Elkind, a 26-year-old who started an organization during the Covid-19 pandemic that delivered food and medicine, is pitching his run as 'respectfully asking' Nadler to retire.
He told CNN that he no longer thinks the 78-year-old Nadler has the energy nor mindset that Democrats need to respond to President Donald Trump and to rebuild their own party.
'There has to be a way of both honoring the 49-year-political career of someone like Jerry Nadler while asking him to build a bridge to the future,' Elkind told CNN.
Elkind is coming into the race with the promise of heavy financial backing, including from LinkedIn co-founder Reid Hoffman. Among the local political figures backing him are Dan Doctoroff, who served as a deputy mayor under Michael Bloomberg, and former City Councilman Rafael Espinal, who told CNN, 'This isn't about removing Nadler, but about who is the best person to carry the baton.'
Nadler began his political career representing the Upper West Side of Manhattan in the State Assembly, and has been in Congress since 1992. He retains deep loyalty with voters and local politicians, and after handily winning a 2022 primary that pitted him against a fellow incumbent in a redrawn district, he represents the Upper West and Upper East sides as well as Midtown.
Elkind grew up in Nadler's district. While he's now living outside of the redrawn lines in an apartment in Chelsea, he is preparing to move in with his brother on the Upper West Side for the duration of the campaign. He'll do that while completing a Ph.D. he began as a Rhodes scholar at Oxford, writing a dissertation about the effects of campaign finance reform on elections.
Part of his decision to run, Elkind told CNN, was a conversation he had with Nadler this spring at a local political event. 'What's the plan?' Elkind says he asked about Trump, and says the congressman responded by saying that the president's tariffs will crash the economy and hand Democrats the midterms.
'For a man I respected, a man I grew up voting for, it felt like such an un-strategic take,' Elkind said.
A Nadler spokesman called this a passing conversation at an event that wasn't a time to talk strategy. He pointed to the congressman's questioning of Trump officials at House hearings last week and headlining a rally in New York on Monday to criticize the Israeli government's conduct of the war in Gaza as just the most recent evidence of his engagement.
'Congressman Nadler will stake his record of accomplishments against anyone,' said Rob Gottheim. 'Unfortunately, with this individual, I don't think there's any record to speak of.'
Nadler is 'going to serve until he doesn't,' Gottheim added. 'He feels he is an effective member of Congress.'
Others in the district have been gearing up for congressional runs when Nadler retires, but not to run against him.
Elkind said he ranked Democratic mayoral primary winner Zohran Mamdani fifth on his own ballot last month. He disagrees with the democratic socialist on issues including freezing rents and government-owned grocery stores, and for his declining to condemn the phrase 'globalize the intifada.' (Elkind noted that he is Jewish himself.) But Elkind said the focus on affordability and a new approach to politics is much of what's on his mind too.
Meanwhile, Nadler's endorsement of Mamdani the day after the primary — done in part, people involved previously told CNN, to quiet primary concerns and connect with the direction Democratic voters chose — has backfired among some of the district's more moderate and Jewish voters who are upset he gave cover to the 33-year-old assemblyman.
'It's hard for me to imagine a better remedy for the problems that ail us in this country today than to bring the kind of leadership that Liam will bring into the arena of public issues,' Dan Weiss, the former president and CEO of the Metropolitan Museum of Art, told CNN.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Tesla Board Approves Elon Musk Stock Award Worth $29B
Key Takeaways Tesla's board approved paying CEO Elon Musk 96 million shares in an "Interim Award" under the electric vehicle maker's 2019 Equity Incentive Plan. At Friday's closing price, that values the package at approximately $29 billion. Musk won't receive the award if courts change course and give approval to his 2018 compensation package worth some $56 world's richest man just got a lot richer. In a regulatory filing, Tesla (TSLA) reported that CEO Elon Musk would receive 96 million shares of restricted stock as part of an "Interim Award" under the electric vehicle maker's 2019 Equity Incentive Plan. At Friday's closing price of $302.63, that would value the agreement at about $29 billion. The company noted the decision came after the board earlier this year "established a special committee ... to consider certain compensation matters involving Elon Musk." That committee, consisting of disinterested directors Robyn Denholm and Kathleen Wilson-Thompson, made the recommendation, which was approved by the board yesterday. Tesla noted the stock will vest two years from now, providing Musk remains CEO or holds another key executive position, and he will have to pay $23.34 per share for them. However, he will forfeit all the award if the courts eventually decide he can receive the estimated $56 billion pay package from 2018 that was approved by shareholders. A Delaware judge struck down that deal, agreeing with plaintiffs who argued that it was excessive. Tesla shares were up about 1% today, but they've lost nearly a quarter of their value year-to-date. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
What Determines the Price of Bitcoin? (Hint: It's Not Just Whales and Elon)
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin's price doesn't follow traditional logic. There are no earnings reports, balance sheets, or CEO forecasts to guide the market. Instead, its value lives and breathes through one of the oldest forces in finance: supply and demand. When demand outpaces available supply, Bitcoin soars. When demand wanes or holders rush to sell, the price can fall just as dramatically. That's why Bitcoin's price often swings with far more volatility than traditional investments — sometimes shifting by double-digit percentages in a single week. Still, over the last decade, Bitcoin has proven itself as one of the best-performing assets on earth, rising from pennies to over $117,000 at its peak. So it's clear that Bitcoin isn't just surviving; it's establishing itself as a long-term fixture in modern finance. But to understand why Bitcoin moves the way it does, you need to understand what actually drives its price day to day — and why it remains so difficult to predict. Scarcity and Speculation Bitcoin is often compared to commodities like gold and silver, and for good reason. Unlike a company stock, it doesn't produce anything. It doesn't generate revenue. Its value is derived almost entirely from what people believe it's worth — and what they're willing to pay for it. But it's not just a popularity contest. Like gold, Bitcoin is scarce. There will only ever be 21 million coins, and more than 19 million have already been mined. That built-in scarcity means that as demand increases, the price almost always follows. Bitcoin's supply schedule is hard-coded into its protocol: roughly every 10 minutes, 6.25 new Bitcoins are minted — a number that will halve again in 2025, making the asset even more scarce. Combine that with growing global demand, and you start to see why Bitcoin can climb so quickly — and crash just as fast when sentiment flips. Don't Miss: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Market Supply: What's Actually Available to Buy Supply, in the Bitcoin world, is more complicated than it looks. While 19 million coins may be in existence, not all of them are up for sale. Some are being held long-term. Others are permanently lost — sent to wallets that haven't moved in over five years. Research from Chainalysis suggests that up to 20% of all Bitcoin could be lost forever, which significantly reduces the actual circulating supply. So when people talk about Bitcoin's scarcity, they're not just referring to its eventual 21 million cap — they're referring to how little of it is actively being traded at any given moment. That limited float means that when big buy orders come in, prices can jump quickly. But it also means that when major holders — often called "whales" — decide to sell, the impact can be just as dramatic in the other direction. Market Demand: What Drives People to Buy Bitcoin If supply is relatively fixed, demand is where all the action happens. Demand can surge for dozens of reasons. Sometimes it's driven by macroeconomic fears, like inflation or currency devaluation. In countries experiencing runaway inflation, Bitcoin is seen as a lifeline — a way to escape the eroding value of the local currency. In other cases, it's driven by optimism: belief in Bitcoin as the future of finance, a hedge against central bank policies, or simply a better form of digital money. Media coverage plays a major role too. When Bitcoin makes headlines, people pile in. When prices rise, people don't want to miss out — and that FOMO (fear of missing out) can drive waves of new buyers into the market, further pushing prices up. But the same dynamic works in reverse. Negative headlines, regulatory crackdowns, or even a single tweet from a public figure can send prices tumbling as sentiment shifts. Miners and Selling Pressure Bitcoin miners play a unique role in the supply equation. They're the ones securing the network and earning newly minted Bitcoin in the process. But mining isn't free. It requires expensive hardware and massive electricity costs. That means miners often sell a portion of their Bitcoin to cover expenses, creating constant selling pressure in the market. When electricity costs are low and Bitcoin prices are high, miners may hold onto more coins. But when prices drop or energy becomes expensive, they tend to sell quickly — sometimes in large amounts. These sales don't just reflect supply and demand; they can help trigger broader market moves. And with the next Bitcoin halving coming in 2025, those miner dynamics could shift again, altering the pace at which new coins enter the market and influencing how aggressively miners need to sell to stay afloat. Rising Competition From Other Cryptos Bitcoin may be the original cryptocurrency, but it's far from the only game in town. Today, investors have thousands of altcoins to choose from — each offering different technologies, use cases, and growth potential. As new tokens gain popularity, some investors sell Bitcoin to buy into the latest trend. Exchanges that allow direct swaps between altcoins and Bitcoin make that process seamless — but also create sell pressure for Bitcoin when those swaps occur. Even if Bitcoin is still seen as the most stable or "blue chip" crypto asset, the growing ecosystem means more competition for attention, capital, and demand. When capital flows toward newer, flashier altcoins, Bitcoin's price can temporarily stagnate or dip, especially during altcoin bull runs. Trending Now: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100. $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. The Impact of Regulation and Institutional Sentiment Government policies can influence demand more than almost anything else. When regulators crack down on crypto, demand often plummets. But when countries embrace crypto innovation — or when financial giants like BlackRock, Fidelity, or PayPal get involved — it legitimizes the space and brings new money in. Regulation is a double-edged sword: it can deter retail investors worried about taxes or surveillance, but it can also open the door for large institutions that require legal clarity to get involved. As we've seen with spot Bitcoin ETFs and major corporate treasury allocations, a single regulatory green light can send prices soaring — just as quickly as a regulatory threat can drag them down. Who Actually Moves the Market? No single person controls Bitcoin's price — not even its pseudonymous creator, Satoshi Nakamoto, who holds over 1 million untouched coins. But the market is still highly influenced by a few big players. "Whales," or individuals and institutions holding tens of thousands of Bitcoin, can impact price dramatically when they make a move. That's why analysts pay attention to wallet flows, on-chain activity, and large exchange deposits. Even public figures like Elon Musk have sent Bitcoin prices surging or plummeting with a single tweet. Despite being decentralized, Bitcoin's market behavior still reflects human psychology — and when powerful voices speak, the crowd listens. Why Bitcoin Crashes (and Bounces Back) Bitcoin crashes are a feature, not a bug. Time and time again, the asset has dropped 80–90% during bear markets — only to come roaring back to new all-time highs later. These violent downturns are the result of overleveraged traders, panicked retail selling, and media-driven fear. But each crash clears out speculation and resets the market for long-term growth. The reason Bitcoin keeps bouncing back? Its core value proposition hasn't changed. It's still scarce, decentralized, and globally accessible. And as long as those fundamentals remain intact, the asset will continue to attract new believers — especially in times of economic uncertainty or distrust in traditional systems. Why Bitcoin Has Value at All At the end of the day, Bitcoin has value because people agree it does. That might sound flimsy — but it's no different than fiat currencies or even gold. The U.S. dollar isn't backed by gold or any physical asset. It has value because people trust it. Gold has value because we've collectively agreed it does. Bitcoin fits into that same mold — but with some modern advantages. It doesn't require storage space. It can be sent anywhere on earth instantly. And unlike any other commodity, it has a provably finite supply. No matter how high demand goes, there will never be more than 21 million Bitcoin. That built-in scarcity, combined with decentralization and global accessibility, is what many see as Bitcoin's greatest strength. It's why investors believe Bitcoin could one day rival — or even replace — gold as the world's dominant store of value. See Next: Grow your IRA or 401(k) with Crypto – unlock the power of alternative investments including a Crypto IRA within your retirement account. Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies. This article What Determines the Price of Bitcoin? (Hint: It's Not Just Whales and Elon) originally appeared on Sign in to access your portfolio
Yahoo
24 minutes ago
- Yahoo
2 candidates are running for Madison County auditor. Who they are:
Madison County voters are set to head to the polls Aug. 26 to elect their next county auditor. The special election comes in the wake of former Auditor Teri Kaczinski's resignation on July 4, following community criticism over unauthorized expenditures and contentious hiring practices involving her campaign manager. After Kaczinski's resignation, the Madison County Board of Supervisors appointed Matthew Schwarz as interim auditor without a public vote, igniting further community backlash and prompting a successful citizen-led petition to force a special election. More: Madison County sees tumultuous 6 months under auditor, replacement without election Two candidates emerged by the Aug. 1 filing deadline: Schwarz and Michele Brant, a former county board clerk. Matthew Schwarz Schwarz was sworn in as auditor July 7. A forensic consultant and police officer for 12 years in Muscatine and Davenport, he was appointed in a 2-1 vote and promised stability and procedural transparency following Kaczinski's turbulent tenure. In his first two weeks on the job, Schwarz identified numerous issues in county processes. At a July 22 board meeting, he said the county's credit card process is "completely broken." "Every month, we have expenditures that are never reconciled, because no one will admit that they purchase them," he said. Schwarz proposed issuing department-specific credit cards to improve tracking and accountability. He also highlighted payroll inefficiencies and recommended transitioning to a unified, cloud-based payroll solution. 'Departments submit timesheets in different formats … that alone is costing us about $8,500 a year in staff time and another $2,500 a month for a part-time clerk," Schwarz said. Schwarz also criticized the employee handbook's overtime and comp-time policies, noting one employee alone accrued "400+ hours while peers have virtually none." He suggested clearer pre-approval processes and flexible scheduling. Schwarz's short tenure has also seen some controversy. County Attorney Steve Swanson ordered Schwarz to vacate his workspace shortly after his appointment due to flawed vacancy notices issued from his office and county leaders — one published prematurely and another issued without proper authorization. This dispute came to a head at the July 22 meeting, where, after extensive debate, the board reaffirmed Schwarz's appointment and restored his access and equipment. Schwarz's phone and work computer also were seized as part of a search warrant executed on July 18. His phone has since been returned but the county-owned laptop is still in custody. More: Judge orders return of officials' seized devices in Madison County voter intimidation case Madison County Sheriff's Deputy Donald Kinney obtained and executed a warrant on Schwarz's home 'regarding an investigation into Election Misconduct in Madison County,' according to court documents. The warrant application rested largely on an informant in the Auditor's Office who claimed that 'both Stancil and Schwarz are desperately trying to alter appointment dates and deadlines for the petition to delay the election,' according to the motion, with the informant also attaching two pages of screenshots supporting the claims. Schwarz could not be reached for comment. Michele Brant Brant said she is running as an independent on a pledge to depoliticize the Auditor's Office, strengthen transparency and enforce Iowa Code. 'I believe that Madison County voters have had enough polarization from local politics,' she said in her campaign announcement, adding that she will 'serve all Madison County residents and protect our county from missteps.' Brant has told the Des Moines Register her first priorities include securing timely bill payments and opening up every process so that 'any citizen can follow the money without roadblocks.' She praised the successful petition drive for a special election as 'inspiring and empowering." Brant holds a bachelor's in accounting from the University of Iowa and an MBA from Drake University. She brings more than 20 years of budgeting, operations and HR management to the race. Her most recent county post was a part-time board of supervisors clerk. She resigned after Kaczinski posted a similiar job with better pay. Brant said she was not considered for the new role. She has condemned the board's decision to appoint Schwarz without a public vote and had preemptively thrown her hat in the ring immediately after Kaczinski's resignation, anticipating the special election. 'There's a faction in Madison County that is very upset about it,' she previously said of Schwarz's appointment. 'I absolutely was, and am, the best candidate from an experience and education perspective.' Nick El Hajj is a reporter at the Register. He can be reached at nelhajj@ Follow him on X at @nick_el_hajj. This article originally appeared on Des Moines Register: Who is running for Madison County auditor in special election 2025 Solve the daily Crossword
